National Debt Rises by W3 Million per Second

  • By Jung Seok-woo

    June 14, 2021 10:45

    Korea's national debt is increasing by W3 million every second (US$1=W1,115).

    According to the National Assembly Budget Office on Sunday, national debt will stand at W965.9 trillion by the end of this year as a result of the third supplementary budget that was put together in March.

    The office estimates that the country's debt is swelling by W3.05 million a second for the remaining 201 days of the year.

    The office has been displaying the national debt on its website since September 2013. It rose by W1.18 million a second that year and has increased 2.5 times over the last eight years.

    As of Sunday, Korea's per-capita debt stood at W17.61 million and is expected to surpass W20 million in 2022. President Moon Jae-in said at a fiscal strategy meeting last month, "We must maintain an expansionary fiscal stance at least until next year."

    Other major countries around the world have begun to rein in spending triggered by the coronavirus pandemic.

    According to a report earlier this month by the Korea Institute of Public Finance, Canada, Germany, the U.K., and the U.S. have started to normalize their expansionary fiscal policies. Germany decided in April to achieve fiscal balance by 2023 and limit national debt to 0.35 percent of GDP.

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